The Property Franchise Group has reported record like-for-like revenue for 2021.
The umbrella property brand, which incorporates well-known names such as EweMove, Ellis & Co, Martin & Co and Hunters, revealed this morning that group revenue increased 118% annually to £24m and profit before tax was up 35% to £6.4m last year.
Group network income also increased 67% annually to £157m.
TPFG chair Richard Martin also revealed that he is stepping down and will be replaced by current deputy Paul Latham.
Operational highlights include:
- Sales agreed pipeline increased 73% to £26.5m (2020: £15.3m).
- Managing 74,000 rental properties (2020: 58,000).
- Franchisees added 1,270 tenanted managed properties through acquisitions.
- EweMove sold 58 new territories (2020: 11).
- Acquired Hunters in March 2021.
- Launched five year strategic partnership with LSL in April 2021.
- Acquired Mortgage Genie in September 2021.
- Further strengthened senior management team to provide enhanced franchisee support.
Gareth Samples, chief executive of The Property Franchise Group, says: "2021 has been a milestone year for The Property Franchise Group. Our determination to make the most of a buoyant sales market saw us achieve record levels of like-for-like revenue, management service fees and profits.
"We also saw our strategic decisions deliver. The acquisition of Hunters, completed in March, significantly added to our shareholder value.
"Our focus on building EweMove resulted in record numbers of franchisees recruited. And last but not least, our decision to bolster our central executive team has provided immeasurable support to the franchisee network throughout the year, helping them to become more successful.
"Looking ahead, we see an exciting period of further development for all our franchisees in 2022. While we expect over the year we’ll see sales activity return close to 2019 levels, so far we have seen continued high levels of demand for both sales and lettings, well above pre-pandemic norms. Aside from market conditions, we have great confidence that the execution of our strategic initiatives, alongside the benefit of a full year’s contribution from our acquisitions, will underpin continued growth this year and beyond.”
Read the full results.